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China supports businesses with less power fees
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China steps up efforts to relieve enterprises’ burden by cutting electricity fees, which may help companies save 47 billion yuan (US$7 billion) in total for the whole year.
The country is now cancelling preferential electricity price policy for fertilizer producers and converting such subsidy into lower electricity fees across industrial and commercial sectors. According to the National Development and Reform commission, through reducing electricity prices for industrial use by 0.011 yuan and for commercial use by 0.0105 yuan per kilowatt-hour, companies across the country can save 17 billion yuan in total annually.
The rest of the savings came from the measure known as the coal-electricity price linkage, which dropped 0.03 yuan per kilowatt-hour on commercial and industrial used electricity since January, likely saving 30 billion yuan for the whole year.
The cut of fertilizer electricity subsidy has been put into practice since April 20. Adapted in 21 provinces across China, 16.8 billion yuan will be cut for benefits of industries in general, the National Development and Reform Commission announced on a news conference yesterday.
China has sufficient domestic supply of fertilizer while related contamination problems are waiting to be solved. In the same way, the nation is stepping up to upgrade coal plants by shrinking profits of coal power plants to encourage clean energy. With coal prices slumping last year, electricity prices have accordingly dropped since the beginning of this year. Last month the prices of coal energy lost 13.1 percent yearly and 0.7 percent less from April across the country.
The national economic planner said further benefits can be expected given that efforts are being taken to commercialize electricity price. The reformation of power transmission and distribution is taking pilots in 13 power grid companies. By adjusting electricity prices accordingly in transmission and distribution processes, the power transmission expenditure has been cut by 8 billion yuan.
Zhang Manying, price inspector of the commission said electricity exchanges are being constructed in every province to allow companies buy electricity directly from power plants. One trillion kilowatt-hours can be expected as the total trading volume this year.
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